Sacramento Kings fan Dave Hlavato reacts to the news that the NBA has rejected the proposed move of the team to Seattle on Wednesday. / Rich Pedroncelli, AP

by Sam Amick, USA TODAY Sports

by Sam Amick, USA TODAY Sports

The Maloof family that owns the Sacramento Kings has reached an agreement with the group led by software magnate Vivek Ranadive that will keep the team in town for a valuation of $535 million, a person with knowledge of the situation confirmed to USA TODAY Sports.

The person spoke on the condition of anonymity because the deal had not yet been announced. The Sacramento Bee first reported the agreement.

Ranadive, who will have to divest his minority interest in the Golden State Warriors in order to assume majority ownership of the Kings, also confirmed the deal while attending Thursday night's playoff game against the San Antonio Spurs.

"It won't be final, final until tomorrow," Ranadive told USA TODAY Sports outside Oracle Arena. "I had a sense earlier today (that it would be completed).

"It's going to be exciting. We're going to build a global brand with the Kings. We're going to give the fans the product that they deserve. There's a lot of work to be done."

The deal comes just one day after the NBA Board of Governors voted down by a 22-8 count the bid to relocate the team to Seattle at an owners' meeting in Dallas. The Seattle group, led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer, had agreed to buy 65% of the team for a valuation of $625 million, but - with Commissioner David Stern leading the pushback - ultimately decided that Sacramento's group had done enough to prove its worth as a market.

"Yes, I think the agreement was signed today," Stern said of the new deal. "There's likely to be a closing. The sooner, the better."